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Apple, Nvidia Supplier TSMC Rises In Premarket Following Stellar 45% Revenue Boost In July Amid Strong AI Chip Demand

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Apple, Nvidia Supplier TSMC Rises In Premarket Following Stellar 45% Revenue Boost In July Amid Strong AI Chip Demand

Apple, Nvidia supplier, Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:TSM) is experiencing a significant uptick in Friday’s pre-market trading following the announcement of its impressive July 2024 revenue figures.

What Happened: The semiconductor giant reported a consolidated revenue of approximately NT$256.95 billion ($7.9 billion) for July 2024, which is a 23.6% increase from June and a substantial 44.7% surge from July 2023. Furthermore, TSMC’s revenue from January to July 2024 totaled NT$1,523.11 billion ($46.44 billion), a 30.5% increase compared to the same period in 2023.

As per Benzinga Pro data, TSMC shares rose 3.54% in pre-market trading, reaching $170.38 from the previous close of $164.55.

See Also: Elon Musk Says Warren Buffett Is ‘Clearly Expecting A Correction’ After Berkshire Sold Nearly Half Of Its Apple Stock

Why It Matters: TSMC’s impressive performance comes on the heels of its market capitalization reaching the $1 trillion mark in July. The company’s shares have gained nearly 80% year-to-date, and several analysts have raised their price targets on the stock ahead of the company’s second-quarter earnings report.

However, it is not all smooth sailing for TSMC. The company, along with its leading client, Nvidia is facing production issues with Nvidia’s most advanced artificial intelligence chips. These challenges could delay shipments planned for this year.

Despite these hurdles, as per data compiled by Bloomberg, analysts predict a 37% growth in TSMC’s third-quarter revenue to NT$747.4 billion. Given the robust July performance, TSMC may well exceed these projections.

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Photo by Jack Hong via Shutterstock

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari

 

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Posted-In: Pooja Rajkumari semiconductor Stories That Matter taiwanNews Pre-Market Outlook General

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